Chinese electronics firm TCL Corp has formed a venture with SEMP, one of the biggest suppliers in Brazil of electronic goods, to explore the Brazil market in particular, and the South America market in general, Chinese financial media outlet Caixin reported last week.

A subsidiary of the Chinese firm – TCL Multimedia Technology Holdings Ltd, focusing on LCD televisions – recently announced it had formed a 40-60 joint venture with SEMP – called SEMP TCL – utilising capital amounting to 200 million reais (US$60 million).

The venture – effective from August 1 – would target Brazil’s mid- to high-end market for TVs and electrical appliances, the report said. The parties hoped the joint company could have a 10 percent share of Brazil’s market for TV sets in three years from now, it added.

Caixin quoted an executive at TCL Multimedia saying the joint venture could help the Chinese group to explore the Brazil market and markets in other parts of South America.